Municipal Mortgage & Equity, LLC announced three retirements from its board of directors, effective September 30, 2009. Stepping down from the board were: Robert S. Hillman (70), after 13 years of service; Eddie C. Brown (68), after 6 years of service; and Barbara B. Lucas (64), after 4 years of service.

On September 25, 2009 Municipal Mortgage & Equity, LLC announced three retirements from its Board of Directors. On September 23, 2009, Eddie C. Brown, Robert S. Hillman, and Barbara L. Lucas announced their intent to resign from the Board effective September 30, 2009. Independent Directors Brown, Hillman and Lucas served on the Board since 2003, 1996 and 2005, respectively. Mr. Brown is a member of the company's Audit Committee. Mr. Hillman is a member of the company's Audit and Governance Committees and is Chair of the company's Compensation Committee. Ms. Lucas is a member of the company's Compensation Committee.

On June 26, 2009, Municipal Mortgage & Equity, LLC executed a first amendment of the fourth amended and completely restated loan agreement dated as of February 23, 2007 by and among Synovus Bank, MMA Capital Corporation, MMA Mortgage Investment Corporation, MMA Construction Finance, LLC, Municipal Mortgage & Equity, LLC, MMA Financial Holdings, Inc. and MMA Financial, Inc. Among other things, this first amendment (i) reduces the credit limit under the agreement from $100 million to $41,772,096 and permits no new borrowings by the registrant under the agreement; (ii) extends the maturity date to November 30, 2010, and extends existing letters of credit through the Maturity Date; and (iii) eliminates the financial reporting covenants of the agreement, and limits financial reporting to management-prepared unaudited annual financial statements.